More READ UP about Steps Before Visiting The Tapestry Condominium Show Suites/Gallery

If you are interested in visiting the launch of the The Tapestry Showflat, it is important that you are aware of the preparations that you need to do first. This is especially true if this is the very first time that you will purchase a property. You will need to know how much financial strength you presently have. Your income can limit your purchasing power as well as how many properties are presently under your name. You will also need to be aware that the maximum amount that the bank is able to loan you will have to be restricted by the total monthly commitments that you need to cover financially too.

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All of these seem to be a little on the complicated side. But to help simplify things better, here are some of the things that you need to be ready for before you will decide it pay a visit to the showflat.

Find out how much CPF you are entitled to for the purchase of The Tapestry

If this is the first time that you are buying a property, all of your OA or Ordinary Accounts funds will be the maximum CPF that you can use to make the purchase. If this is the second time that you are buying a property, there will be a minimum sum that you will be required to pay for both your combined Special Account and your OA which usually amounts to $75,000.

Secure an AIP for the housing loan for The Tapestry @ Tampines

This is a very crucial step that too many people often fail to comply with. AIP stands for approval in principle. It is now considered as the most important requirements that you need to accomplish first before you will purchase any property. Without one, there is no way for you to set what your budget is going to be for the property that you are about to purchase.

Securing an AIP means that you will know what is the exact amount that the bank will be willing to lend to you for the purchase. Best of all, the information is free to secure. All that one has to do is meet the specific requirements and documents and it would take about three days for the bank to get the request processed.

Among the things that you will need to process the AIP include:

NRIC copy or passports of all the people involved in the purchase

Recent statements for your credit card

Duly accomplished application form

A declaration from of credit facilities

An HDB page that shows your present HDB status to determine whether you do not own an HDB, you have an HDB loan, or if you have an existing HDB loan.

Pay slips for the latest three month

Last 12 months of your CPF contribution if you are eye

Latest year of the Tax Assessment Return from the IRAS or both self-employed and employed applicants

Know where you are on the ABSD Bracket

You will need to know which bracket in the Additional Buyers Stamp Duty or ABSD you fall into too. This is important since this can affect how much the purchase is going to be taxed depending on how many properties you have already purchased before. First time purchasers will be free of the ABSD. But those that are purchasing for the second or third time will be subjected to a tax of 7% and 10% respectively.

Permanent Residents will be taxed 5% on the purchase price of the property for the first purchase. Ten percent is going to be charged for the tax on the property price for subsequent purchases. In addition, Entities and Foreigners will be taxed 15% for each of the purchase price of every property that they are going to purchase.

Understand the NPS scheme

This stands for Normal Progressive Payment Scheme. It is considered to be the standard payment system that is used in most of all the new launch condominiums. How the progression of the payments in this scheme is a good way to plan your cash flow if you are to go through with the purchase.

When you have selected and confirmed the unit that you want to secure, you are expected to do the following:

Pay 5% in cash to the project account of the developer in exchange for securing the OTP or Option to Purchase

Within a period of two weeks, the developer is going to send the S&P. This is the agreement for the Sales and Purchase. It will be sent to the address that you have provided them with.

Once you have received the S&P, you are given a total of three weeks to have the contract exercised with your solicitor. In the event that the contract has not been exercised within the three-week period, the initial fee you paid for the OTP is going to be returned to your account, but this time, only 75% of it.

If you decide to exercise the contract, the ABSD is going to be payable within a total of 14 days from the date that the exercise has been carried out.

The remainder of the 15% downpayment will need to be settled within 8 weeks from the time that the OTP has been dated.

Understand the Balloting system and how it works for The Tapestry Condo Tampines

Buyers will be given two weeks before the new condominium is launched to get a feel of both its sizes and its prices. Previewing during this period often gives one the opportunity to secure a seat on the date of the launch. This means that you will be eligible for the ballots on the day of the launch where buyers are served first come. You might want to take advantage of this as this is also a chance to secure early bird discounts to get you a better purchase price.